Polkadot (DOT) are working hard to provide for the most robust platform for security, scalability and innovation.
They have a clearly defined road map. The idea behind their coming is to make things easy for those who are willing to develop a blockchain. The attractive concept is that you don’t have to know everything to develop your own blockchain. Developers need to do just enough to ensure product characterization that ensures delivery of a desired output. This was not possible before, because writing one’s own chain is too much work.
Commenting, Sydney Ifergan, the crypto expert opined: “Polkadot (DOT) is making a whole new functionality possible – creating blockchains without knowing it all.”
Several parachains are getting launched and the ramping of several 100 parachains is brewing in the process.
The current phase in progress is about enabling the balance transfer phase and denomination day. Once governance enables parachain auctions and XCMP, Polkadot will be able to provide for a fully functional Relay Chain. Where it will go from here is up to the token holders.
The thousand validators program was recently over. Eligible users participated to kickstart their Polkadot node.
Web3 Foundation launching the Polkadot in the Proof of Authority Mode ensures users to claim tokens from their Ethereum contract. Users can stake tokens and they can declare their intent to either validate or nominate.
The validators can set session keys while preparing for POS. Sudo key will be used by Web3 Foundation to manage chain and enable more features. The sooner the network runs smoothly with sufficient numbers of well staked validators, Nominated Proof of Stake with Sudo call to change eras will be enabled to perform the first validator election.
Decentralized set of validators will make NPos possible and Sudo is used to increase numbers of validators in set. The Polkadot Governance system enables runtime upgrade and there will be no slashing due to functioning validator elections.
The Polkadot Governance has been well explained in a recent Fireside Chat with Bill Laboon. In the session, Bill Laboon, Technical Education Lead at Web3 Foundation and Zoe spoke a lot about “Polkadot’s Governance.”
Polkadot frequently organizes conversational style fireside chats with different speakers making things easy for onlookers to understand.
Lot of high performance teams with common goals are working passionately contributing to the success of Polkadot.
The Rococo V1 Parachains Testnet is live and the team have wished happy holidays to the Polkadot community.
A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5
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